Tezos Price Analysis: XTZ/USD bearish for the next 24 hours

Chainlink price analysis

TL;DR Breakdown

  • Tezos price analysis is bearish today.
  • XTZ/USD is currently trading at $4.2.
  • The strongest support is present at $3.8.

Tezos price analysis is bearish because the cryptocurrency has been volatile for the past several days. The market has been taken over by bears, with the value dropping from $4.2 on January 10, 2022, and bottoming out at $4.06 on January 11, 2022; today’s bearish market conditions are slightly different. With bearish dynamics, the price of XTZ is presently trading at $4.06, just below the psychological barrier of $4.1. The

support at $3.8 is relatively strong, but with the current bearish trading conditions, that price could be breached by a bit of selling pressure. The XTZ price analysis suggests that bulls are not in control, at least for now.

XTZ/USD 4-hour price analysis: Market shows bullish potential

The MACD is also bearish, with the moving averages at 4.11 and -4.22 levels, which further clears any chances of a bullish market for XTZ/USD soon. The Relative Strength Index (RSI) is currently reading 46 but considering that this publication’s opening paragraph stated that XTZ/USD is trading below the psychological barrier of $4.1; clearly, bears are dominating this market as well.

Visible from the price analysis, XTZ/USD breached its resistance level of $5 on January 9, 2022; however, instead of gaining bullish momentum to rally above the next resistance level at $7, the market was overpowered by bears. With XTZ having breached its resistance level of $5, bulls would need to demonstrate their dominance to allow for a rally above the next resistance level at $7; however, even that would not guarantee that XTZ/USD will remain in a bullish trend.

The volume indicator is showing 55, which means that XTZ/USD is seeing little demand at the moment. A break above $4.1 could mean that bulls are in charge of this market; otherwise, look for the next support level below $3.8.

Tezos Price Analysis: XTZ/USD bearish for the next 24 hours 1
XTZ/USD 4-hour price chart source: Trading view

The RSI score of 43 implies that the cryptocurrency does not fall to either end. The activity on the market is equal to the activity on the market. As a result, we can observe a dormant, straight movement in the RSI score.

Tezos Price Analysis: Conclusion

The Tezos price analysis revealed that the price is still under bearish domination, perhaps for a more extended than previously thought. Still, because the bulls have recovered some of their losses in recent days, a reversal trend appears increasingly likely. Although the price remains in negative dominance, there is optimism that XTZ will recover soon as it did today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
China re-emerges as second-largest bitcoin mining center despite recent ban

Follow Us

Industry News

Phoenix Finance set to debut first DEX on Terra 2.0
The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses